can someone help me with this please? ActivitiesBeginning inventoryPurchaseDateApril 1April 5April 9SaleApril 14PurchaseApril 20April 30SalePurchaseUnits Acquired at Cost370 units @ $18 = $6,660310 units @ $20 = $6,200270 units @ $22 = $5,940260 units @ $25 = $6,500Units Sold at Retail520 units @ $55220 units @ $55If the company uses the first-in, first-out (FIFO) method and the perpetual Inventory system, what would be the cost of the endingInventory?DateGoods purchasedNumber of Cost perunitsCost of Goods SoldInventory BalanceunitNumberof unitssoldCost per Cost of GoodsunitSoldNumber ofunitsCost perunitInventoryBalanceApril 1310 at $20.00370 at$ 18.00 =$ 6,680.00at$ 18.00 =April 5at$ 20.00 =Total April 5April 9Total April 9April 14Total April 14April 20Total April 20April 30Total April 30270 at $ 22.00260 at $260.00520at$ 20.00 =at$ 20.00 =at$ 22.00 =220at$ 22.00 =at$ 22.00 =at$260.00 =

Preparation of inventory report by using the FIFO method to compute the cost of ending inventory and…

Answered: Activities Beginning inventory Purchase…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 4C

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What is the correct answer to question 1 and 2? Provide solution.
3
Knowledge Check 01 A company has gathered the following per unit cost and replacement cost information relating to Its inventory: - Item A: 5 units with a cost of $50 and a net realizable value of $45 Item B: 7 units with a cost of $60 and a net realizable value of $65 Item C: 9 units with a cost of $30 and a net reallizable value of $25 Under the lower of cost or net realizable value method, what is the amount of ending inventory that should be reported on the company's balance sheet? Ending inventory 45 Form 1040Sch....pdf Form1040 Sch...pdf f1040 Schedul..pdf Form8829 (1).pdf MacBook Air
Explain how to get gross profit
Ma3 The Foxworthy Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 40,000 units consisted of the following, listed in chronological order of acquisition: 24,000 units at a cost of $6.00 per unit = $144,000 16,000 units at a cost of $7.00 per unit = 112,000 During 2018, inventory quantity declined by 18,000 units. All units purchased during 2018 cost $8.00 per unit. -Calculate the before-tax LIFO liquidation profit or loss that the company would report in a disclosure note assuming the amount determined is material.
('$) ('$) Unit Total Balance Date Explanation Units Cost Cost in Units Jun-01Beginning inventory 50 1.0 50 50 Jun-06Purchase 50 1.2 60 100 Jun-10Sales 60 40 Jun-13Purchase 150 1.4 210 190 Jun-20Purchase 100 1.6 160 290 Jun-25Purchase 150 1.8 270 440 Jun-30Sales 150 290 Round your answer to the nearest dollar. (eg $54.4 .input as 54, $54.5 input as 55 ) (do not input comma ",", dollar sign "$" for numerical figures) FIFO Periodic System COGS $ Ending Inventory $ Average Cost Periodic System COGS $ Ending Inventory $ FIFO Perpetual System COGS $ Ending Inventory $ Average Cost Perpetual System COGS $ Ending Inventory $
Calculate the lowe, st-or-market c (a) Inventory a ACCT101_FEX_2021_2_Male A company reported the following data related to its ending inventory 957 95 95abe be1 3 SR1,100 Product Per Market Total on Hand Unit Cost Total abes 33 Cost 100 SR10 SR1,000 75 5a 18 20 16 95abe18ce 14 1,200 60 1,050 95abe18ce33 14 13 840 40 780 640 800 .ce3 the lower-of-cost-or-market on the: SR3,680 SR3,730 Calculate (a) Inventory as a whole (b) inventory applied separately to each product. 95abe1e 95abe18ce 33 MacBook Pro 95abe F3 000 F4 F5 F6 F7 50 DII & F8 6 7 7 V DD F9 T 8A F10 **** Y Co **** U **** **** O [P1 6E 6. R SA4 II
Units Unit cost/Selling price P4.00 Aug. 1. Beginning Purchase Purchase 20,000 10,000 20,000 15,000 15,000 40,000 3,000 7 4.20 10 4.30 12 Sale 7,80 Purchase Sale Sales return 16 4.60 20 8.10 28 ? The sale return relates to the August 20 sale. 4. If the FIFO cost flow method is used, the sales return would be costed back into inventory at what total amount?
At what figure should the inventory be valued? *a. P 880,000b. P 760,000c. P 980,000d. P 940,000
Compue the value by LCNRV
Current Attempt in Progress Swifty Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories: Net Product Cost Realizable Value A $126000 $129000 B 80000 72000 C 154000 155000 If Swifty applies the LCNRV basis, the value of the inventory reported on the balance sheet would be O $352000. O $360000. O $356000. O $364000.
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